Korea civil servants’ pension fund picks local firms for global stock, bond mandates
Aug 09, 2016 (Gmt+09:00)
South Korea’s Government Employees Pension Service (GEPS) has selected Daishin Asset Management and Shinhan BNP Paribas Asset Management as general partners for its fresh investment of a combined $180 million in global stock and bond funds, respectively, the pension fund said on August 8.
After quantitative assessments, Shinhan BNP, a joint venture between Shinhan Financial Group and BNP Paribas and Franklin Templeton Investments were shortlisted for the bond mandate, according to a notice posted on the GEPS’ website last week. For the stock FoF management, KB Asset Management, a sister company of South Korea’s biggest lender Kookmin Bank, also made it to the shortlist, along with Daishin Asset, wholly owned by a domestic brokerage firm.
GEPS did not provide further details on the results, other than the names of the selected general partners posted on its website.